I have a regular 401K and I just started a Roth 401K. I’m aware of the difference in tax treatments between the two. (Taxed on withdrawl vs. taxed on contribution.) My question is for a regular 401K do you have to deduct the amount of your contribution when you do your taxes. Or does this occur automatically when you get your paycheck.
It happens automatically. Your W2 will show your taxable income.
Thanks Dante. That’s what I thought. Just wanted to double check.
Dancingqueen, are you right out of college?